Two-Bedroom
For Sale
$329,500
Pending
713/715 S Morrow Rd, Spokane Valley, WA 99216
Residential Income, Spokane Valley, WA
Property Size1,092 SF
Lot Size0.34 Acres
Days on Market147
Property Features for 713/715 S Morrow Rd
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 3, Bedroom 2
Parking features
Offsite
Interior features
High Speed Internet
Basement
Crawl Space
Appliances
Free-Standing Range, Dishwasher, Refrigerator
Lot features
Fenced Yard, Level, Cul-De-Sac
Elementary school
McDonald
Middle school
Bowdish
High school
University
Elementary school district
Central Valley
Standard status
Pending
APN
45222.2666
Lot size
0.34 Acres
Taxes and HOA fees
Tax Annual Amount
2679
Utilities
Utilities
Cable Available
Heating system
Electric (Heating), Baseboard, Ductless (Heating)
Building Details
Year built
1942
Number of units
2
Building materials
Masonite
Roof type
Composition
Architectural style
Ranch
Listing Agency:
REAL Broker LLC
(855) 450-0442
Listed By:
Cindy Carrigan · License #21027304
(509) 844-3664
Added: Apr 30
Changed: Sep 16
Last Checked: Sep 23 at 5:06AM
MLS# 202616358
Copyright © 2026 Spokane Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This ranch-style duplex in Spokane Valley includes two separate units, each with 2 bedrooms and 1 bathroom. One unit has been updated and is vacant, while the second unit is occupied by a tenant. The property sits on a 0.34-acre lot and was built in 1942.
Interior features include high-speed internet, free-standing ranges, dishwashers, and refrigerators. Heating is provided by electric, ductless, and baseboard systems. The property also includes Masonite siding, a composition roof, cable availability, and offsite parking.
Interior features include high-speed internet, free-standing ranges, dishwashers, and refrigerators. Heating is provided by electric, ductless, and baseboard systems. The property also includes Masonite siding, a composition roof, cable availability, and offsite parking.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom per unit
- 0.34‑acre lot in Spokane Valley
- One updated unit is vacant
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$9,468
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.87%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$189,360
$189.4K
Cap Rate 7%
$135,257
$135.3K
Cap Rate 9%
$105,200
$105.2K
Market Conditions
NOI Build-Up for 1,092 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$14.4K $13.20/SF
− Vacancy
−$889 −$0.81/SF
EGI
$13.5K $12.39/SF
− OpEx
−$4.1K −$3.72/SF
NOI
$9.5K $8.67/SF
Area
Spokane Valley, WA
Vacancy
6.17%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$189,360
Cap Rate 7%
$135,257
Cap Rate 9%
$105,200
Alternative Uses
Best Use
Multifamily LT 5
$135.3K
$118.4K – $157.8K
NOI $9,468 @ 7.0% cap · market cap 2.87%
Second Best
Apartment 5plus
$125.1K
$109.5K – $146.0K
NOI $8,760 @ 7.0% cap · market cap 2.66%
Theoretical Best
Office A
$237.2K
$207.6K – $276.8K
NOI $16,605 @ 7.0% cap · market cap 5.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
573
Businesses Nearby
Explore this area
Business Placement
Demographics for 99216, WA
28,379
Population
12,703
Households
2.2
Avg Household Size
37
Median Age
22%
College-Educated
95%
High-School Grad
14.2 sq mi
ZIP Area
1,999
Density / Sq Mi
$69,958
Median Household Income
$40,652
Median Earnings
$1,307
Median Rent
$336,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Ranch-style duplex with one updated vacant unit and one tenant-occupied unit.
Where is this duplex located?
The property is located at 713/715 S Morrow Rd Spokane Valley, WA.
What is the asking price?
The asking price for this property is $329,500.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom per unit; 0.34‑acre lot in Spokane Valley; One updated unit is vacant
